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Countdown to the Closing Bell

News/Business. Stock market updates. New.

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Us 17, New York 13, Atlantic City 9, Manhattan 8, Sandy 7, Orbitz 7, America 7, Chicago 6, New Jersey 6, Charlie Gasparino 4, Liz Claman 3, Mike Boyd 3, Mike Mcpartland 3, Newark 3, Sandra Smith 3, U.s. 3, Jfk 3, Duncan 2, Charlie 2, Adam 2,
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  FOX Business    Countdown to the Closing Bell    News/Business. Stock  
   market updates. New.  

    October 30, 2012
    3:00 - 4:00pm EDT  

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fellow citizens is equally important. a couple things i want the public to know they can do. because our local law enforcement, first responders are being swamped to the extent that everybody can be out there looking for their neighbors, it's especially older folks, that is really important. if you have a neighbor nearby you are not sure how they are handling a power outage, flooding, etc. go and visit them, knock on their door and make sure they are doing okay. that could make a big difference. the public could be the eyes and ears in identifying unmet needs. the reason we are here is because the red cross knows what it is doing when it comes to emergency response.
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during the darkness of the storm we saw what is brightest in america. all of us have been shocked by the forces of mother nature and they're watching on television and we have also seen nurses at nyu hospital, carrying fragile newborns to safety. we have seen incredibly brave firefighters in queens waist deep in water, battling infernos, rescuing people in
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boats. one of my favorite stories was in north carolina the coast guard going out to save a sinking ship. they sent a rescue swimmer out, the rescue swimmer said i am dan, i understand you guys need a ride. that kind of spirit of resilience and strength, but most importantly looking out for one another, that is why we always bounce back from these kinds of disasters. this is a tough time for a lot of people, millions of folks across the eastern seaboard. but america is tough and we are tougher because we pulled together and leave nobody behind, we make sure we respond as a nation and remind ourselves whenever an american in in in need all of us stand together to make sure we are providing the help that is necessary. i just want to thank the incredible response we already
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seen but i want to remind people this is going to take some time. it is not going to be easy for a lot of communities to respond quickly so it will be important to sustain that spirit of resilience and continue to be good neighbors for the duration until everybody is back on their feet. thank you very much. [applause] >> president obama announcing he will go to new jersey tomorrow, clearly it's not a hardest hit state by hurricane standee certainly one of two. new york and new jersey under state of emergency and the president says he will go there and for the most rabid areas with chris christie, new jersey's governor and here is what. atlantic city is under water. you can see not only is the boardwalk, the famed boardwalk of atlantic city completely
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ruined but block after block after block hundreds and hundreds, and the first floor completely flooded. i am liz claman. count down to the closing bell begins right now and there is no closing bell because the new york stock exchange and the nymex and the nasdaq castillo's. the east coast trying to come back from the damage of hurricanes and the. every corner covered for you. when all is said and done it might be atlantic city that suffers the most. atlantic city underwater as presidents flooded out and that historic boardwalk which is a huge tourism focus under water in shambles. check this out. video from yesterday of the crane in midtown manhattan collapsing, simply folding like a matchstick. that happened at 3:00 p.m. monday. the crane is part of
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construction on a luxury condo building said to be the tallest condo skyscraper in manhattan when it is finished. 90 floors, still evacuated at this hour from the parker meridian hotel to carnegie hill apartment. the apartment in that building anywhere from 20 to $50 million. of course the building is still empty but the rest of the buildings surrounding it are forcibly empty due to changes the grain still poses. mayor bloomberg saying they may have to build another crane 90 stories high to take down the damaged one. this is why they have been calling it frankenstorm. west virginia hit by a blizzard conditions wrought by hurricane sandy. to have this at the end of october high unusual and despite all the destruction and damage tomorrow the markets will open and trading will resume as usual. hurricane sandy left the east coast with eight million people, that is the latest number that came in in the last couple
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minutes, eight million people in the dark, hundreds of homes and businesses underwater. we got facebook friends and twitter always to follow only if it was safe for them to do so and here are the first look of pictures but the picture from mike in fairfield, new jersey. he is so can about the car is not. that tree coming down, this picture is from long island, new york. a huge tree completely uprooted and tipped over. the street looks like a river in bay shore, long island, new york. many businesses are in the recovery business and drying out, they will not have a problem at long as they can get their generators up to speed, but when you look at all that is happening is home depot, lowe's and lumber companies that benefit most as people try to rebuild and recover. if you have a photo or sandy survival story follow me on
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twitter at liz claman or go to facebook.com/liz claman had hit the like button. we appreciate it and only do so it is saves. what areas and business sectors could feel the brunt of the storm next? live team coverage. these have not stopped. jeff flock in new jersey where streets are from the ocean are choked with them and robert gray in lower manhattan where the power is out. the cleanup effort beginning already. jeff: as that there will be a long clean-up effort here. holy emergency vehicles on the street. they cleaned off ocean avenue, a front end loader. this is from the natural gas company here that had at gas leak in this hotel. you see people down ocean avenue. the only way down is to walk. some people are taking bikes but it is like riding a bike on a beach even though they're in the middle of the street.
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so much sand. look this way. also water. you mentioned atlantic city. it may not be as deep and innovation here but take a look down this street and this is philadelphia avenue. stillwater and this has not gone down. this has been here since low tide this morning and this is low tide. it is where it is. i don't know when it will get out. not a good situation. is incalculable. liz: what is the most stunning thing you have seen since you started covering this storm? jeff: the most stunning thing i think has been the way the storm intensified, gradual intensification tollway and it engulfed us. category 1 storm. that doesn't happen in a category 1 storm. this was not a category 1 storm. call it whatever you want.
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liz: freakish behavior. robert gray a stone's throw from the world trade center site. here is an image what that looked like overnight, sandy battered the ariane and as we get to that shot, how is it looking near you and what about the power? so many businesses down there. >> not much power down here. look at the building than high-rises in lower manhattan. largely dark. not many employees coming in but they have been dark all day because there's no power for most of the buildings except those running on their own generators. we talked to a gentleman whose apartment building just around the corner here has had power, did not lose power but with a generator inside. we talked to police and other officials, u.s. army corps of engineers, or -- no power and behind me is the sea wall where the surge came over and went 14
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feet high. it was a record. at least the most in 50 years and certainly went far into the district and all the way outside just below the nyse-listed there were erroneous reporting last night on social media that the nice was being flooded. turns out that wasn't true. we did confirm with security outside it was never in danger of though it came to the southernmost that the point outside the stock exchange on broad street. we also did see near battery park tunnel some flooding areas and cars nearby that were almost completely submerged in water and the restaurant behind us, battery gardens you can see the water mark inside where they had flooding damage several feet high and causing an estimated half million dollars and that is just one business in lower manhattan. back to you. liz: that is the issue. businesses without power. when will they get up and running?
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thank you very much. the numbers stunning. about eight million people on the east coast are without power. a hugely expensive storm. costs could exceed one of the most expensive forms ever, hurricane andrew, category 5 storm. adam shapiro never went to sleep last night. he is watching these numbers, breaking them down for us. he is alive and kicking. gasoline inventories dropping to levels not seen since 1990 and they are causing crises to fall. sandra smith coming up in just a minute. she has the one huge exchange that is open for business and how trading has undergone the chicago mercantile exchange. we will take you there next. [ male announcer ] do you have the legal protection you need?
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liz: we have a major update on the bond market. if all goes according to to the securities industry trade group wishes, then the bond market will open for normal trading tomorrow. they are recommending full u.s. bond market opens tomorrow. of course the financial markets
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have been largely closed since hurricane sandy hit. and in fact, the bond market is -- if you look at the stock market, they often say that the stock market is the tiny boat upon which it floats. and that is a huge sea that is the bond market. bond market is much bigger. treasury market is much bigger than the bond market. it too has been closed. they want it open tomorrow. they are recommending it opens tomorrow. back to other businesses that won't be able to open again until power is restored. the deadly storm that started out as hurricane sandy has left millions, 7, 8 million people and businesses from maine all the way down to the carolinas without electricity. adam shapiro looking at the numbers. he hasn't slept, nor have the crews who have been working on this. but i would imagine the numbers are still pretty alarming here. adam: it is horrific when you consider that this is now stretching all the way over to michigan. the high winds knocking out power. here the numbers from the department of energy. connecticut 626,000 without
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electricity. new jersey, 2.5 million without electricity. new york, 1.9, roughly 2 million without electricity. pennsylvania, 1.2, 1.3 million without electricity. it is a huge number. in all, 18 states, are reporting that they have power outages. that total 8.1 million customers who don't have electricity. liz? liz: well, you know what? it doesn't surprise me that it is new jersey where president obama will go first. he is heading there tomorrow. just announced it at the top of the hour. he will be touring the area. adam, we saw the ariel pictures of -- aerial pictures of atlantic city i would imagine that or the area in queens where 80 homes were destroyed by fire would be the first places. of course queens in new york but maybe that's his second spot. adam: it sounds like he would go over to the rock aways where the homes burned. when you talk about the president coming here, one of the things people will be asking him and the department of energy is they have 25,000 men and women who are mobilized or being
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flown in from mexico and canada and the west coast to help restore power. but it is still going to take in best case scenarios, a week, that's the best case scenario. some people could be out of electricity much further, much longer than that. liz: yeah, it is very trying to be without electricity. we've all been this, especially -- we've all been there, especially for those of us who live on the east coast. thank you adam. update us if you get any new numbers. stocks, no equity trading until tomorrow. everything from crude to cocoa to coffee was trading today in chicago. sandra smith live at the cme there. sandra, the traders, what jumped out at them and you cannot ignore the fact that of all things gasoline closed down? sandra: well there's sort of an ear eerie -- there's sort of an eerie calm on the floor right now. i want to bring in a guest now.
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the energy markets the energy department said as a result of this storm, as a result of sandy, we are seeing gasoline supplies at their lowest since 1990, but yet gas dropped today. >> that's because a lot of individuals think the demand will come off. obviously individuals are stuck in their homes and not going anywhere. all of a sudden, those gasoline prices are going to have a pullback on demand. sandra: what do you think the trade will be tomorrow when things reopen? >> i think although the east coast accounts for 35% of the demand, i think that people are going to be going back into their cars. you know, it is not as bad as a lot of people had thought. sandra: you see this as an opportunity to buy oil and gas. >> buy on the open, anticipate a quick trade an hour or two and get out. sandra: that's chris who is joining us. these empty s&p 500 futures pit which we never get to do. dan, pti securities, you have a really strong opinion on what's going to happen tomorrow. you are saying it is eerily calm ahead of that open tomorrow. >> oh, it simply is.
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it certainly is. all the risk assets that have been trading, 10 and 30 year bond as well as italian and spanish 10 year bond all indicating there's less fear now than there was friday even though there's been some damage to our infrastructure. it will be interesting to see what happens tomorrow when we open up. we are a little bit tense still. sandra: as a trader you have to make a prediction. when the markets open tomorrow, what do you do? >> i'm going to cheat here. basically we saw the earnings being not quite as good so we hedged a lot of our clients portfolio ahead of time. we have just about everything hedged. we have the ability to watch to see what happens tomorrow. sandra: all right. we're gathering traders down here. again we're standing in one big empty pit down here. as you said, many of the other markets were trading. this has been the pit that's been closed all week. it reopens tonight, not the pit, but the electronic session and tomorrow morning the pit session resumes. a lot of traders anticipating that big open. liz: you know what? and it is true. what's interesting here is to see how heating oil -- you know,
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heating -- heating oil is important at a time like this. you have to double check data at this point because it is very difficult to estimate whether it is on point. but oil, heating oil closed down a penny. nymex crude futures closed up just a fraction -- actually no, they closed up about 9 pennies, but right now in the aftermarket, closing -- about 6 pennies. i'm just trying to check here because it is really important to get these numbers correct. what i find most interesting is rbob gasoline down a full percent. now, remember, we have inventories for rbob gasoline that could in essence hit levels that we haven't seen since 1990. lower levels since 1990. stockpiles are sinking to those levels. they are about 10 to 30 percent below historic lows. and when you think about the inventories and you think about the refineries, and the fact that some of the refineries are still idle and that could idle
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about 600,000 gallons per day of the product itself. why is the price not higher? because the demand they expect will be down if electricity isn't there and we aren't able to start back up operations. so you need to watch that market very closely. neil cavuto, 9:00 a.m. tomorrow morning, has an hour-long special. i will be there. charlie gasparino will be there. the whole fox business team will be there watching as these numbers open, including equities. that of course will be a big story as well. what about the airlines and the travel industry? two areas that could be slammed by the storm. the global travel association predicting that 514,000 trips will be cancelled when all is said and done because of the hurricane costing the travel industry close to a billion dollars. coming up, we're bringing in the experts for you. first, the senior editor of orbitz joining with us an update on how this storm is impacting its business. and then, how can the airlines recover from this one? aviation analyst mike boyd on
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liz: the travel industry with close to 16,000 flights cancelled, airports closed, nine at last count, the global travel association predicts about 514,000 trips will be cancelled, and that costing the travel industry and this is just an interim or preliminary number, about 606 million dollars. how are travel agencies and travel sites like orbitz worldwide, assessing possible losses and helping customers rebook their trips? joining us now in a fox business exclusive, live from chicago, orbitz worldwide senior editor. janeane let me begin by simply asking you, what you are seeing
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right now with your customers and how much -- how much things have to be rescheduled. oh you know what? she can't hear me just yet. we were going to talk to her but we will get that re-established. let's go to mike boyd who is an airline analyst. mike, we know nine different airports are still closed but airports like dulles in d.c. and philly and baltimore are open at the moment, but what is the status for the airlines that are most affected? these would be carriers that really affect the east coast. >> well, what you are looking at here is carriers are prepared for this ahead of time. they went ahead like jetblue moved its airplanes out of harm's way. america did, delta did. harm to the airline would be less you might expect. we think at the bottom of the line, after you sort out of everything, the hit to the airline industry will be about a quarter billion to 300 million dollars at the end of the day. liz: when you are looking at that kind of number, i would
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suspect it would affect the bottom line, the current quarter of some of these airlines. >> there's no doubt it will. jetblue, a fine airline, a big part of their operation focussed at kennedy airport. that means for several days they won't be operating at their number one, you know, gateway airport. american airlines has 25% of the traffic at jfk. united -- united as about 70% of the traffic at newark. this is the business they have chosen in the airline business. liz: the chief operating officer of jetblue will be joining us live in the next hour to talk about how that one is being affected. but you are talking about united, delta, not to mention, as we said, american airlines. these are carriers that specifically feed to the east coast. talk about what they are doing when it comes to rebooking and the impact because the impact diameter as they call it of the storm, 800 miles. so this is not just a new york, new jersey, specific story, is it not? >> oh, no, we're talking buffalo
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being affected. we're talking about charleston west virginia being affected. i think the airlines foresaw this. accommodating passengers will be more than you might think, just rebooking passengers on another flight. many people never got to their destination and they are at home watching this show. so it's really going to be rebooking people that want to go. but some of that is going to get lost. at the end of the day, balancing it out, 300 million dollars lost to the bottom line. liz: 300 million to the bottom line, not to imagine what else is affecting these. there are many different tentacles of the airline industry. we have got obviously the baggage situation. we have fedex and ups. a lot of people fedex their bags. things are lost. how long do you think it will take for the airlines to get back up on regular schedules? >> well, you know, it depends on how long it is going to take before la guardia, you know, stops looking like a lake. but i would think by saturday or sunday you are going to be a lot
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more back. airlines are very vibrant in terms of getting themselves back up and running and they prepared for this one. liz: looking at the cancellation fees, this can be a big pr disaster for some and if they handle it correctly, it can be a real plus for them. do you think they will waive the cancellation fees? are you hearing anything about that? >> sure, they are going to say they do it. the problem is airlines will say you can't refund your ticket but you can change your trip. grandma's funeral is on thursday, i'm not going to go three weeks from now. i think they need to be careful how they will refund tickets. again, one of the issues, many ways remembered rules and forgotten the customer, this is one time if they want to reduce the damage, remember the customer first. liz: that is very true. we hope they will. mike, thank you for getting in the chair for us on the show. i know it's been absolutely nuts everywhere. we truly appreciate you coming on to talk about it. >> thank you. liz: is there a particular airline you think comes out on top? as it is, this is a business network, we're always looking
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for the next big story. >> there's no airline that comes out on top. every airline in america, even hawaiian airlines has been affected with their one flight to kennedy. nobody comes out on top, but some people come out less on top. liz: mike boyd thank you very much. we appreciate it. see you next time. stay tuned for after the bell today when we speak as i mentioned to jetblue's chief operating officer. remember, jetblue specifically, la guardia, jfk, you know, they are very, very focused on what's happening here. we will be with with him in the next hour. we will ask him all of those questions and more. when we come back, we are on the story of the storm. fox means business as it relates to hurricane sandy, storm sandy and all of the aftermath. stay tuned. bob...
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oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan,
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in case i get hit by a meteor. wow, your hair looks great didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm gd we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male anuncer ] fedex office. now save 50% on banners. liz: breaking news. we have a live shot of an area
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called margate new jersey. this is south of atlantic city. we already showed you how bad things were in atlantic city. but it is also known as a higher end vacation spot for a lot of people. look at the devastation. you can see sand blocks away from the actual ocean coursing through -- this is how high the tide came. so much so that volumes of sand were pushed all the way into homes. we are hearing reports of people with sand in their kitchens, even though they locked up their homes. and this is at least two blocks away from the atlantic ocean. margate new jersey. as we mentioned at the top of the show, president obama will arrive in new jersey tomorrow to tour the most devastated parts of the state. again, i will give this to the meteorologists across -- up and down the eastern seaboard. they got this one right. most of them said that the eye would go right over this area of
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new jersey, and indeed it did. therefore, it is new jersey which seems to have suffered the worst from the storm's effect. of course there was a huge fire in queens that knocked out 80 homes, destroyed 80 homes, including a representative of the state of new york's home as well. but at the moment, you are looking at this live aerial photo of margate where the water as you see has receded, but the residue is still there, including tons of sand that was simply deposited as far as three blocks from the ocean, ending up in people's homes. reports of fish flopping around on people's kitchen floors. just an unbelievable sight. >> no sharks. liz: no sharks unless charlie shows up. we will get to charlie gasparino in a minute. with close to 16,000 flights cancelled and airports closed, the global travel association
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predicti predicting -- that's just a preliminary report. orbitz worldwide assessing % possible losses and helping customers rebook their trips. joining us now in a fox business exclusive from chicago, orbitz worldwide senior editor. we've got the audio re-established, jeanine. thank you for joining us. right off the bat, i want to ask you what steps are you at orbitz taking and what kind of volume are you seeing on your sites for rebookings? >> i don't have any volume numbers for you unfortunately at this point. it is such a fluid situation. we are continuing to wait and see when the airports in the new york metro area will reopen so we can rebook our customers. frankly, at this point, our focus has really been on sending out alerts to tens of thousands of our customers who have been affected by this, whose flights have been cancelled. as we continue later this week, the focus will really be on rebooking and getting those
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people to their destinations. liz: right, but jfk, la guardia and liberty and newark are still closed. do you need those to open before you can really start moving the cancelled flights through? >> certainly for a high volume of flights, you will need those major hub airports open in the areas. you know, thankfully we have seen boston is open and flights have been going out of boston today. in d.c. we're hoping that by tomorrow we start to see more passenger commercial flights heading out of that metro airports. those metro airports as well. liz: philadelphia dulles baltimore all of them are open. you on orbitz i understand are waiving your cancellation fees. 15,000 flights cancelled. is that going to affect your bottom line? >> unfortunatell, that's not something i have information on for you at this point. one thing i can tell you is on the hotel side, in fact in some of these destinations, we've seen week over week increase in bookings, you know, with so many displaced travellers, people that were stuck at these
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airports and the airports are closed are looking for places to stay in the new york metro area, we have seen a 15% week over week increase in hotel bookings. in washington, d.c. that number is actually 68% increase week over week in bookings. liz: that's a great point. >> the good news for travellers -- liz: you have hotel sites as well. i mean i know in new york city waldorf astoria is totally booked. the hilton, the sheraton booked. even on the high end, the peninsula, the st. regis, they are kicking people out at this point who only had two day reservations because they have a whole group of other people coming in. >> absolutely. the good news for travellers who may be stuck at airports is looking this morning at availability in and around the airport hotels we do still see some availability outside of the newark airport and la guardia, folks in those areas could still find some rooms >> the parker meridian was completely evacuated because of the crane that had collapsed.
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we were hearing reports people from as far away from france just knocking on hotel doors saying please can we stay there. it's a touch-and-go situation. jeanine, thank you very much for joining us. we appreciate it. jeanine of orbitz and of course as you can see, it is a big deal for all of these sites. they are working day and night to get everything moved through. tomorrow, supposed to be business as usual at the new york stock exchange and the nymex with the new york stock exchange definitely set to reopen, but what have the past two days been like for traders who couldn't get on the floors? nymex trader mike mcfarland of mcnamara options has put his hand signals aside and helping bailed out flooded friends from across the hudson river in manhattan. mike mcfarland's story next. you don't want to miss it. -- mike mcpartland's story next. you don't want to miss it.
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liz: the u.s. stock market is set to open for normal trading tomorrow. new york stock exchange chief duncan niederauer telling fox business the two-day closure of the stock market will prompt some soul searching among regulators and market executives about how to prevent a trading halt in the future. charlie gasparino, was it really needed? >> the closure? i mean, listen, listen to -- i think we should listen first to what duncan niederauer had to say, the ceo of the new york stock exchange because he kind of laid it out in very diplomatic terms what the future has for the markets. listen to what he had to say. >> one, i do believe that we, the regulators and the banks and by we i mean all the exchanges, i think we as an industry should talk more about these contingency plans, perhaps mandating testing of these plans
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between ourselves and the market participants so that whatever the situation might be, we're prepared to go into these contingency plans. liz: and charlie, this just breaking, it appears that treasury secretary timothy geithner will be convening with market regulators and market leaders today. >> it is about time. this is something that the fox business network has been talking about since the minute they announced -- duncan announced that they were going to close the new york stock exchange on monday. you know, listen, yes, this was a very -- this was a terrible tragic storm. people died. i mean, this is bad stuff. i understand. but you know what? markets are global. this is -- they have an electronic market that's not necessarily -- that's not housed in manhattan. it's housed in chicago. and you have to ask yourself, why did every -- why wasn't the new york stock exchange and its member firms, because apparently this is some sort of decision -- this was decided sunday night, remember? we were -- the fox business news
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network, why was the new york stock exchange convinced they weren't ready to open on monday? they should have been ready to open. they should have had a contingency plan to open. and they didn't. you can criticize tim geithner on a lot of things particularly his handling of his economy, the economy is not doing very well, you can't criticize him on this. this is something that needs to be done. why is it important for markets to be open? well, guess what? we don't know what the value of corporate america is -- if we don't know what the value of corporate america is, that's a problem. we don't know how much ibm is worth because the markets are closed. that's how you judge the value of these companies by what their stock is trading on. without an active stock market, you can't sell ipos. you can't do a secondary offering of stock. you can't finance yourself. the business of capitalism stops. why was it stopped for two days? now, obviously, you know, if we're going to an emergency contingency plan, there's a chance it might not work as great, but it is better than nothing. could they have opened it up a
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little bit? you know for a couple of hours? liz: or at least the traders that could get in. >> forget about traders getting in, i would say this, why doesn't every wall street firm have a contingency plan where they don't have to send people to manhattan, they can work different places. >> you mean new jersey. >> whatever, hay don't have to send them -- they don't have to send them to manhattan, they can work somewhere else. these are questions i think tim geithner will rightly ask. we are 11 years after 9/11. we don't have, you know, 3500 floor traders -- traders handling 80% of the order flow of new york stock exchange listed stocks. trading is dispursed. maybe that's the problem, that it's so dispersed. whatever it is, the markets are not supposed to be down for two days. liz: the headline now is that treasury secretary geithner will be meeting today with the regulators, with the exchanges, with market participants. let me read this specifically to you. this is according to "wall
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street journal." will convene market regulators to assess the impact of the storm and talk about everything with the banks the regulators and the exchanges. >> that's because he feels they were not prepared. you know, what is he going to talk about? like is the weather getting better in new york? no. what he's worried about is the impact of the financial system of closing a market, the biggest stock market in the u.s., the most prominent for two days. they all followed suit. that was the whole thing. remember, nasdaq, they wanted to stay open. it was new york. i love duncan. i think they have a great brand, very good product. this is an issue. liz: charlie gasparino thank you very much. been breaking this from every angle. millions without power including nymex trader mike mcpartland, but we know he's been keeping up with crude oil, rbob gasoline, watching the news. he's joining us on the phone from edge water new jersey. i understand you started helping people on the coast of the hudson river.
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>> yeah, liz, that was the wildest storm i have ever seen. i think anybody who has lived here their whole lives have never seen. i mean, devastation -- i mean i walked up to rusty's here, i can see breezy point, down atlantic city, down jersey shore, they were devastated. it was a devastating storm. charlie was talking about the market being closed. i know the electronic markets work, but i think you need people to run them. so, i mean, being closed i think was okay for a day. two days, maybe a contingency plan should be looked at going forward. as far as crude oil today what i saw here, it really didn't do much and rbob gasoline, the same. so i mean -- liz: that's what i want to talk to you about. first let me give you this bit of news, sandra smith who is at the cme which owns the nymex where you trade, is just coming in with this, new york trading floor to reopen but only contingent upon lifting to have new york city zone a evacuation
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order. i want to let our viewers know that the nymex trading floor is snap at the bottom of battery park. >> you have got gold, silver, crude and all the products. i heard the same thing a little while ago. i got a text before i came on saying we're going to be open tomorrow, use your discretion coming in. but i believe mayor bloomberg has to lift the evacuation of zone a in order for that to happen. maybe he has unofficially. or maybe it is just for the building. the only thing i've gotten so far from any officials at the exchange is that we're going to be open tomorrow. so i'm -- liz: we have a picture that you sent us. it is a shot of a -- i want to let people know this because this is my hometown too. right there in edgewater, new jersey, the boat has been lifted several feet because the water is several feet below that edge up on -- what is that? is that somebody's backyard? >> >> that's right across the street, just down -- i'm on the west side of river road. so just on the other side, east
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side of river road, there's a walkway that goes along the hudson river, and that boat broke loose from one of the marinas in town and ended up drifting right into there. i don't know how long it's going to be there. but i think it will be there for an awful long time. a couple of marinas trying to help out, but there was really nothing they could do until things calm down. liz: let me give you some prices. rbob gasoline, natural gas they were trading in the chicago mercantile exchange pits so that was happening for the futures. nymex crude futures, aftermarket, up only 6 pennies looking at $85.60 a barrel. still well below $86. this is rbob gasoline. explain this to me. it stuns me that it closed even down 2 pennies because rbob you would think a lot of the gas stations are running out. it is hard to get the product into the gas stations at this point. but is it simply based on the fact that there will be less
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demand as people are still hiding in their homes and not able to move about? >> you know, i thought about that, as far as the supply and demand, based on supply. there's plenty of supply out there. but i don't think you have a situation like we had with katrina where prices just took off because that's where the refineries were, and a lot of things were shut down during katrina. you don't have that in this situation. i mean, there's ample supply out there. so like the markets reacted today, in an unchanged way, i think that's what you are going to have going forward, and that $85 level in crude seems to be building a bottom here. i know we have come off an awful lot. so i don't -- you know, we're trading right around that area. going forward into the elections, we have other things other than just the storm that's going to affect the price of crude and rbob gasoline. i think gasoline, if we get a spike, i don't think it's necessarily due to the storm. if we get a drop, it isn't due to the storm as well. i think that will cancel each other out. ample supply. liz: stay safe. i assume you will be back on the
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floor if they open it. thank you very much for joining us. mike mcpartland there in edge water new jersey. we have breaking news on a day where the markets have been closed and a lot of companies are postponing their earnings report. disney dropping a pretty dramatic headline here. cinderella is going to be best buds with darth vader? yes, it appears that disney is going to buy lucas film, the owners of the star wars franchise. here's a disney chart over the past year. it's been doing extraordinarily well up until recently where it pared back just a bit. let me look at the headlines for you. disney says star wars episode 7 is targeted for release in 2015. they want a part of that. again, disney in a 4 billion dollars deal will be outright buying lucas film. more on this in just a minute. we will be right back. stay tuned. [ male announcer ] this is steve.
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